Ganesh Housing Corporation Reports Flat Performance in Q1 2024, Experts Suggest Holding Stocks
Ganesh Housing Corporation, a midcap real estate company, recently announced its financial results for the quarter ending June 2024. The company's stock has been given a 'Hold' call by MarketsMOJO.
According to the financial report, Ganesh Housing has seen a flat performance in the quarter, with a score of 0 compared to 24 in the previous quarter. This decline can be attributed to various factors.
One of the major factors affecting the company's performance is the decrease in net sales, which have fallen by 20.82% year on year to Rs 214.14 crore. This trend is expected to continue in the near term, as the sales trend is currently very negative.
The company's profit before tax (PBT) less other income has also seen a decline of 31.68% year on year to Rs 146.24 crore. Similarly, the profit after tax (PAT) has fallen by 29.4% year on year to Rs 113.84 crore. These trends are also expected to continue in the near term.
One positive aspect of the financial report is the increase in non-operating income, which has reached its highest in the last five quarters at Rs 6.49 crore. However, experts believe that this increase may not be sustainable as it is mainly due to income from non-business activities.
Overall, Ganesh Housing Corporation's financial performance for the quarter ending June 2024 has been flat, with a negative trend in sales and profits. Investors are advised to hold their stocks and monitor the company's performance in the upcoming quarters.
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